Religare Enterprises – Likely Demerger And Listing Of Care Health Insurance

Expert Analysis:

• Religare Enterprises is likely to announce the demerger of its insurance arm, Care Health Insurance (formerly Religare Health Insurance), and spin it off as a separately listed entity, with an announcement expected soon, according to people familiar with the matter.​

• The Burman family–led promoter group has been evaluating this spin‑off for about a year; Care Health is estimated to be valued at around ₹16,000 crore, with Religare holding roughly 64% and the balance largely with Union Bank of India and Corporation Bank, and the restructuring could result in an automatic listing aimed at unlocking shareholder value.​

• Care Health wrote a gross written premium of ₹8,318 crore in FY25, up 21% year-on-year, giving it a 5.6% market share among standalone health insurers, and, if approved, this would be the first major corporate move by the Burman family after taking control of Religare in February 2025.​